In November and December, I am often asked questions about real estate market timing. While there are no hard and fast rules to follow, her are 12 reasons to list this Christmas Season.
1. There may be fewer buyers during this time of year, but the buyers who are looking are usually serious and ready to buy.
Not all, but many, buyers who are looking to purchase in this time of year “have to buy.” There are far fewer “lookers” compared to spring and summer home shoppers.
2. Catch buyers who want to move near family as they come visit them over the holidays.
Forty percent of buyers move into an area because friends and family live there. Some folks who are traveling a long way to see their family may also want to move closer to their family and friend. They will use some of their holiday time to drive around neighborhoods and look at homes they may want to purchase. If your home is listed for sale, it could be one they consider!
3. There are fewer homes for buyers to see during the holidays which means more showings for you.
4. Buyers have more time to look during the holidays due to all of the time off, compared to a normal work week that will start back up in January.
5. Buyers LOVE seeing homes that are decorated for the holidays.
With Christmas trees glowing, stockings hanging and the smell of Christmas cookies in the air, buyers will feel right at home.
6. Enjoy the holidays and time with your family and show when it is convenient.
Most buyers are very understanding and will work around the seller’s holiday schedule.
7. There is less housing inventory on the market.
Lower supply means higher price points and more money for sellers who maximize their value.
8. Avoid the glut of supply that hits the market “after the holidays” in January and February.
The increase in supply means more competition and lower purchase prices for sellers. Following economic theory, if supply increases but demand remains constant or does not increase by the same amount, the average price decreases.
9. Sell in December at your terms and move in in January or February as it is convenient for your family.
Most buyers are very understanding during this time of year and because there is less inventory, you may be able to dictate the terms of when you have to move out. With the new TRID, or TILA-RESPA Integrated Disclosures, regulation and holiday time for banks, most closings will be 45 days or longer during this time of year. (Read more about TRID here.)
10. Lock in YOUR interest rate when you are under contract in December to avoid 2016 interest rate increases.
Most lenders tell us that rates will increase in 2016, so the sooner you lock in your rate and purchase your next home, the better. It could save you thousands.
11. Make one of your largest investments a better investment.
Sell when supply is low and prices are high in December; buy when prices are low and supply is high in January or February.
12. It is easier to sell in better weather.
Even though we are all dreaming of a white Christmas, in Arkansas, December has a historic average snowfall of only 0.8 inches, while January and February average 2.3 and 1.4 inches, respectively.
In short, if you are thinking about selling, this may be a very good time of year to maximize your home’s value. Request a complete comparative market analysis and know what your home would sell for if it were listed today and start of the year SOLD!
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